Trading overview

How perpetual trading works on WaterX.

How It Works

WaterX is an oracle-based perpetual DEX. Trades are not matched via an orderbook — they execute directly at the index price aggregated from Pyth and Supra oracles. The WLP pool serves as the counterparty for all traders.

This means:

• Zero price impact: Regardless of trade size, execution is at the oracle price

• 24/7 trading: All markets are open around the clock

• Market orders execute instantly: Filled at the current oracle price

• Limit orders execute conditionally: Triggered by the Keeper when the price reaches your specified level — not necessarily instant

Opening a Position

1. Select a market (e.g. BTC/USD)

2. Choose a direction: Long (bullish) or Short (bearish)

3. Enter position size (USDC or USDsui)

4. Select leverage (1x – 50x, depending on the asset)

5. Optional: set Stop-Loss / Take-Profit

6. Confirm the trade

Gas is sponsored by WaterX — you only need enough USDC or USDsui in your Account.

Closing a Position

1. Select the position you want to close from the Positions list

2. Choose full close or partial close (by percentage)

3. Confirm the trade

4. PnL settles and funds return to your Account Balance

A trading fee is charged on close (same rate as opening).

Managing Positions

After opening, you can:

• View real-time Unrealized PnL and ROE

• Deposit / withdraw collateral to adjust margin

• Set Stop-Loss and Take-Profit orders

• Close fully or partially at any time

Holding Fees

The following fees accrue while a position is open, settled when you close:

Fee	Frequency	Description
Funding Fee	Hourly	Based on Long/Short OI ratio — longs pay shorts or vice versa
Borrow Fee	Hourly	Utilization-based borrowing fee

The longer you hold, the more funding and borrow fees accumulate. Your effective liquidation price shifts gradually over time.

Collateral

WaterX supports USDC and USDsui as margin for all markets, denominated in USD. It uses isolated margin mode — each position's margin is calculated independently.

WaterX executes trades at aggregated oracle prices with zero price impact. To open, just pick a market, direction, and leverage. Watch for accumulated funding and borrow fees while holding.